Nemaura (NASDAQ: NMRD), a medical technology company focused on developing and commercializing non-invasive wearable diagnostic devices and supporting personalized lifestyle coaching programs, today provided an update regarding the status of its compliance with continued listed standards and anticipated next steps to maintain its listing on the Nasdaq Capital Market. As previously announced, Nemaura was notified by letters dated April 3 and April 7, 2023, that the company no longer satisfied the minimum market value of listed securities and bid price requirements for continued listing on The Nasdaq Capital Market and, accordingly, was granted 180-day grace periods to regain compliance with those requirements, through Oct. 2 and Oct. 3, 2023, respectively. The company currently does not expect to regain compliance with the referenced listing criteria prior to the expiration of the applicable grace periods and, as a result, anticipates receipt of a delisting determination from the Nasdaq staff promptly following the expiration of the grace periods. Importantly, however, upon receipt of such determination, the company may request a hearing before a Nasdaq hearings panel to address the listing deficiencies, which request will stay any suspension or delisting action by Nasdaq at least until a hearing is held and any extension that may be granted by the panel to the company following the hearing has expired. The company plans to timely request such hearing and is considering all options available to regain compliance and maintain its listing on the Nasdaq Capital Market. “We are hopeful that there will be a positive outcome from a hearing before the panel,” said Dr Faz Chowdhury, the company’s chief executive officer. “In the meantime, we continue to focus on our business, including a planned product launch in Saudi Arabia following the SFDA (Saudi Arabia Food and Drug Authority) approval, and the expected commercial deployment of our consumer health offering following encouraging results from our trials with the UK NHS (National Health Service).”
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About Nemaura Medical Inc.
Nemaura is a medical technology company developing and commercializing non-invasive wearable diagnostic devices. The company is currently also commercializing sugarBEAT(R) and proBEAT(TM). sugarBEAT, a CE mark approved Class IIb medical device, is a non-invasive and flexible continuous glucose monitor (“CGM”) providing actionable insights derived from real time glucose measurements and daily glucose trend data, which may help people with diabetes and prediabetes to better manage, reverse and prevent the onset of diabetes. Nemaura has submitted a PMA (Premarket Approval Application) for sugarBEAT to the U.S. Food and Drug Administration (“FDA”). proBEAT combines non-invasive glucose data processed using artificial intelligence as part of a lifestyle program that is being refined for commercial launch. The company sits at the intersection of the global type 2 diabetes market that is expected to reach nearly $59 billion by 2025, the $50+ billion pre-diabetic market, and the wearable health-tech sector for weight loss and wellness applications that is estimated to reach $60 billion by 2023. For more information about the company, visit www.NemauraMedical.com.
NOTE TO INVESTORS: The latest news and updates relating to NMRD are available in the company’s newsroom at https://ibn.fm/NMRD
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